House prices vary with changes in the real estate market and are based on a large range of criteria such as location, size, age, inflation and interest rates. These factors are outside of Council’s control. Ultimately, it is the market that determines the value.
Flood studies or floodplain risk management plans are not prepared by councils for, or on behalf of insurance companies. Flood studies are a legal requirement for Council to complete and part of our responsibility to help manage flood risk in the community. These studies do not prevent the sale or purchase of property but may impact how the land can be developed in the future.
Insurance companies rely on their own assessment of risk and use their own methods to identify flood risk.
The Insurance Council of Australia have indicated that insurers already have extensive data on flood risk that is priced into premiums. Further information on flood insurance is available from Flood Management Australia Flood Insurance Fact Sheets.